Thursday, June 16, 2016

Crude Oil Extends Decline From One-Week Low Ahead of Brexit Vote

Crude fell a fourth day after closing at a one-week low as concern mounts over the strength of global growth as Britain votes later this month on whether to leave the European Union.

Futures fell as much as 0.8 percent in New York after settling at the lowest since June 3 on Monday as investors looked ahead to a June 23 referendum that will determine Britain’s membership in the EU. Shale drillers added 12 oil rigs in the U.S. over the past two weeks in the first consecutive weekly gains since August, according to Baker Hughes Inc. data.